Jan 19, 2023 - Real Estate
Boston's real estate market isn't poised for a crash in 2023
Boston’s real estate market isn’t poised for a crash in 2023.
Here's what Larry Rideout, chairman and co-owner of Gibson Sotheby’s International Realty, says to expect instead.
1. Conditions will be better for buyers.
Rideout says buyers will hold a little more power in 2023.
- "Buyer protections like home inspection and mortgage contingencies, which were rare when the market was at its hottest, are back," he says.
2. The market will be relatively stable.
Overall, transactions might be down but home sales prices will remain steady, Rideout predicts.
- "While the year will get off to a slow start, I expect the Boston market to bounce back in the second half of 2023," he says.
3. There are opportunities for buyers and sellers.
Yes, but: You need to work with the right professionals to help you navigate the market.
In 2023, the market will be less competitive, meaning "it's a good time for buyers and sellers to take advantage and make or get the best offer," Rideout says.
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